Compound exemption initiative for business owners extended until Dec 31, says minister

PUTRAJAYA (March 30): The compound exemption for delay in registering new businesses, as well as for renewal of business registrations under the Business Registration Act 1956 has been extended until Dec 31.

This was announced by Domestic Trade and Consumer Affairs Minister Datuk Seri Alexander Nanta Linggi.

He said the compound exemption, amounting to RM13.7 million, is expected to benefit more than 330,000 business owners in facing the challenges of economic recovery.

This initiative is an extension of the compound exemption for delay in renewing business registration implemented on March 17, 2020 to Dec 31, 2020, before it was extended until June 30, 2021, and for the delay in registering new businesses until June 30, 2021, he said.

“The compound exemption is aimed at helping business owners who are affected by the Movement Control Order,” he said in a statement today.

Nanta said the extension of the compound exemption was given to support the agenda of the Strategic Programme to Empower the People and Economy (PEMERKASA) through the Companies Commission of Malaysia (SSM).

PEMERKASA, announced by Prime Minister Tan Sri Muhyiddin Yassin on March 17, outlined 20 strategic initiatives involving an allocation of RM20 billion to boost economic growth, support business and continue targeted assistance to the people and sectors still affected by the Covid-19 pandemic.